Herald morning quiz: May 11

Myriad Genetics Q1 Loss Narrows

Myriad Genetics Inc. (MYGN), Monday reported a loss for the first quarter that narrowed from last year and was also lower than Wall Street’s expectations, as revenues grew 6% and surpassed estimates.

Myriad Genetics reported first-quarter loss of $39.5 million or $0.52 per share, narrower than last year’s loss of $115.2 million or $1.55 per share last year.

Adjusted net loss for the quarter were $0.06 per share, narrower than last year’s $0.08 per share. Analysts polled by Thomson Reuters expected loss of $0.14 per share. Analysts’ estimates typically exclude one-time items.

Revenues for the first quarter rose 6% to $173.1 million from $164.0 million last year. Analysts had a consensus revenue estimate of $156.2 million for the quarter.

Chief Executive Officer Paul Diaz said, “Myriad Genetics returned to year-over-year top line growth in the March quarter through improved operational execution amidst the challenges of the COVID-19 pandemic. We saw strong sequential increases in test volumes and overall average selling prices despite the typical seasonality we experience in the March quarter.”

Looking forward, Myriad Genetics said it will not provide financial guidance due to the continued unpredictability surrounding the COVID-19 pandemic.

MYGN closed Monday’s trading at $30.40, up $0.18 or 0.60%, on the Nasdaq.

European Economics Preview: UK Mortgage Approvals Data Due

Mortgage approvals and final factory Purchasing Managers’ survey data from the UK are due on Tuesday, headlining a light day for the European economic news.

At 1.00 am ET, Statistics Finland publishes unemployment data for January.

At 3.00 am ET, the Swiss State Secretariat for Economic Affairs is set to release consumer climate survey results.

At 4.00 am ET, Greece manufacturing PMI data is due from IHS Markit.

At 4.30 am ET, the Bank of England is slated to issue mortgage approvals data for March. The number of mortgages approved in March is seen at 92,300 versus 87,700 in February.

In the meantime, UK Markit/CIPS final factory PMI data is due. According to preliminary estimate, the manufacturing PMI improved to 60.7 in April from 58.9 in March.

European Economics Preview: UK Halifax House Price Data Due

Halifax house prices from the UK and investor confidence from euro area are due on Monday, headlining a light day for the European economic news.

At 2.00 am ET, Statistics Norway is scheduled to release consumer and producer price figures. Inflation is forecast to fall to 3 percent in April from 3.1 percent in March.

In the meantime, foreign trade and consumer prices from Denmark are due.

At 3.30 am ET, UK Halifax house price data is due for April. Prices had increased 6.5 percent annually in three months to March.

At 4.30 am ET, Eurozone Sentix investor confidence data is due. The investor sentiment index is forecast to rise moderately to 14.0 in May from 13.1 in April.

Half an hour later, Greece industrial production figures are due for March.

WHO labels Covid mutation in India 'variant of concern'

GENEVA (AFP) – A Covid-19 variant spreading in India, the B.1.617, appears to be more contagious and has been classified as being “of concern”, the World Health Organisation said Monday (May 10).

“There is some available information to suggest increased transmissibility,” and also possibly some increased resistance to vaccine protections, Maria Van Kerkove, WHO’s lead on Covid-19, told reporters. “As such, we are classifying this as a variant of concern at the global level,” she added.

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Opinion: Notre Dame must use Ian Book’s success to start cycle of better quarterback play

The questions I asked offered Brian Kelly an opportunity to point to Ian Book’s selection in the fourth round of the 2021 NFL draft as a turning point for Notre Dame’s quarterback room.

“Certainly the recruiting success and NFL draft success seems to be repeating itself with offensive linemen and tight ends,” I said. “You haven’t necessarily had that with quarterbacks at Notre Dame during your tenure. Does that add to the significance of Ian Book being drafted in the fourth round? And does that maybe speak to and give examples to recruits of what Tommy Rees can do as a quarterbacks coach for those guys?”

Instead, the Notre Dame head coach wanted to push back at the premise.

“I’m not sure how to answer the question,” Kelly said recently after the draft wrapped up with nine former Irish players being selected.

Herald morning quiz: May 11

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